Afternoon of Sept 4th 2015, in the Conventional Center of Sao Mai Corporation (Binh Khanh district, Long Xuyen city), IDI Multinational Development and Investment Joint Stock Co. (an Affiliate of Sao Mai Group) and VP Bank signed the Strategic Partnership Agreement.
Under the Agreement, VPBank shall finance IDI a total credit limit of up to VND330 billion to supplement its working capital in food-processing. Apart from credit support, VPBank will also offer a preferential fee of domestic and international money transfers, export-import L/C, FX and cash management service.
Mr. Fung Kai Jin, Deputy CEO and Head of SME Division said VPBank is one of the few banks with a separate division targeting SMEs. And thanks to this specialization, VPBank SME is able to provide such optimal financial solutions to customers as well as organizations to realize their goals. Moreover, VPBank SME Division also promotes its investment in human resources, products, and operating system to fulfill the long-term commitment to the SME community.
The strategic coorperation with VPBank will enable IDI to enjoy such an abundant financial resource as well as excellent services to cope with its demand on investment and business expansion.
More about IDI:
Established in 2003 in Lap Vo district, Dong Thap province, IDI Multinational Development and Investment Joint StockCo. now possesses VND983-billion chartered capital with 3500 staffs.
In 2005, IDI started building its own industrial complex to aquaculture and process Tra catfish into products such as: exported fillet, fishmeal, refined fish oil, fish feed products and product package manufacturing etc.
In 2008, IDI began to export Tra catfish products. And in 2012, IDI entered into Top 5 of Tra catfish exporters in Vietnam and has maintained the first rank till now.
Most of IDI’s products are exported to 150 customers in 50 countries. Amidst the 2014, IDI made profit of VND2,120 billion and it is estimated to earn VND3,012 billion in 2015.
And about VPBank:
Founded in 1993, VPBank now owns over 200 transaction points nationwide with the ambition of being listed in Top 5 Vietnamese joint stock commercial banks in 2017. In 2015, VPBank has received 6 prestigious awards, noticeably the “SME of the Year” honored by Asian Banking and Finance magazine.
With the mission of ‘Energize SMEs’, VPBank is focusing on 7 strategic regions, especially Mekong Delta, a core region with the product range of rice, seafood and others. In this region, VPBank has set up 7 SME service centers to serve 1,500 customers.